Fort Lauderdale, Fla.-based Universal Insurance Holdings Inc. announced it has withdrawn its application to form and license a new Texas subsidiary, to be named Texas Platinum Property and Casualty Insurance Company, which would have written homeowners’ insurance coverage in Texas.
Universal said it will instead explore strategic alternatives, including the possible acquisition of an established, licensed homeowners’ insurance company in Texas, as a more efficient and effective strategy for expansion into the state.
Source: Universal Insurance Holdings Inc. www.universalinsuranceholdings.com
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